Istithmar

Istithmar has announced the $1.15 billion sale of the former Helmsley Tower at 230 Park Avenue. A partnership between a Goldman Sachs fund and Monday Properties bought the 34-story tower, which Istithmar itself bought in 2005 for $705 million.

The Observer talked with Istithmar CEO David Jackson earlier this year. News of 230 Park's imminent sale was already out.

Jones Apparel Group announced this morning that it has signed a new deal to unload iconic high-end Manhattan retailer Barneys New York to the Dubai investment firm Istithmar for $942.3 million in cash.

The sum is actually slightly less than a reported $950 million offer from rival firm, Fast Retailing of Japan, owners of popular casual clothing line Uniqlo; though selling to Fast would also carry a hefty termination fee of more than $20 million.

But! Not so Fast!  read more »

Middle-Eastern investors snatched up $3.14 billion in Manhattan real estate in 2006, according to a new report from brokerage Jones Lang LaSalle. Not too shabby for the Big Apple as the total Middle-East investment in U.S. real estate during last year was just north of $7 billion.

One name dominated the headlines, though.

Istithmar, the Dubai-based investment house, seemed to be involved in every major deal involving office space in the city. In April 2006, it acquired Six Times Square for $300 million. Two months later, it purchased 280 Park Avenue for $1.2 billion from Boston Properties. It capped off the summer of 2006 by purchasing 450 Lexington Avenue in August for $600 million.  read more »